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Oil Inventories Fall by More Than Expected 6.5M Barrels Last Week: API

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles fell by much more than expected last week, the API reported Tuesday, just as hopes of a China-fueled recovery in demand gather pace.

Crude Oil WTI Futures, the U.S. benchmark, traded at $88.41 a barrel following the report after settling up 2.1% at $88.37 per barrel.

U.S. crude inventories decreased by 6.5 million barrels for the week ended Oct. 28, the API reported, compared with estimates for a rise of 267,000 barrels, and a build of 4.5 million barrels reported in the previous week.

The API data also showed that gasoline inventories fell 2.6 million barrels last week, while distillate stocks increased by 865,000 barrels.

Sentiment on oil prices has improved amid fresh hopes that China could drop its Covid-zero policy, potentially boosting travel and energy demand.

China, however, denied the rumors, with foreign ministry spokesman Zhao Lijian saying he was “not aware" of plans to wind down Covid restrictions.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by 367,000 barrels last week.

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